Planning for what happens when you die or in the event that you become incapacitated can be a daunting prospect. Estate planning can often be perceived as morbid. For this reason, it is often something that people choose to put off.
However, planning for the future does not necessarily have to be looked upon in a negative light. Having contingencies in place can offer security for yourself, your family and your business interests. Outlined below are three potential benefits of having an estate plan.
Estate planning can ease the stress on your loved ones
If someone passes away without having a thorough estate plan (not just a will), issues beyond who receives your assets are left to family members. This may accentuate the upset and stress of losing a loved one. An estate plan allows you to retain control over things like your funeral and ease some of the pressure on family members.
Protecting your business interests
Without an estate plan, it may be unclear what should happen to your business after you’re gone or if you’re no longer able to run it. Having instructions in place regarding succession could ensure that a business remains profitable.
Ensuring that your health care wishes are followed
An estate plan will allow you to choose the types of care given to you in the event that you become incapacitated. Difficult decisions with regard to your health care can be set out in advance. Again, this removes much of the burden from your loved ones, who are likely to be responsible for such decisions if your wishes aren’t documented.
An estate plan can be utilized to offer stability for both you and your family. It’s crucial to seek legal guidance to help ensure that you cover everything you need to and that the plan is in compliance with state laws.